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Tuesday, 25 August 2015

ACA Small Business Tax and Compliance

Written by CCH Tax Briefings

Overview Perhaps the best feature of the Affordable Care Act (ACA) for small businesses is what it does not do: require them to choose between offering their full-time employees ACA-compliant coverage or making Employer Shared Responsibility payments. Only Applicable Large Employers that average over 50 full-time employees a year have to make that choice. There are important positive benefits as well for small employers that do wish to offer coverage. First, employers with fewer than 50 full-time equivalent employees can buy health coverage for their employees through a state or federal SHOP Exchange...

Friday, 14 August 2015

Beginning This Fall, Michigan Extends Its Tax Reach - Are You Ready?

Written by Rehmann Team

Effective October 1, 2015, Michigan will begin imposing sales and use tax collection and reporting responsibilities on tangible personal property (TPP) sellers selling to Michigan purchasers and having "click-through" nexus and/or "affiliate" nexus with the state. "Nexus," as used in this article, is the connection the seller has with a state that is substantial enough to allow that state to impose sales and use tax collection and tax reporting responsibilities on the seller. If Michigan's new laws apply to your business, you will want to be ready by October 1, 2015 by ensuring your business: Is registered with the Michigan Department of Treasury for sales or seller's use tax collection and reporting. Whether your business should register for sales tax or seller's use tax depends on facts and circumstances specific to your business...

Monday, 03 August 2015

Surface Transportation Act Of 2015: Tax Provisions

Written by CCH Tax Briefings

Stopgap Highway Bill Includes New Tax Compliance Measures An eleventh-hour temporary extension of federal highway and transportation spending is partially paid for by new tax compliance requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236) was approved by the House, 385 to 34, on July 29, and the Senate on July 30, by a 91-4 margin...

Saturday, 27 June 2015

Supreme Court Decisions Impact ACA, Same-Sex Marriage

Written by CCH Tax Briefings

Supreme Court Upholds Premium Assistance Tax Credit; Extends Same-Sex Marriage Nationwide The U.S. Supreme Court has handed down two much-anticipated decisions: one on the Affordable Care Act's key provision, the Code Sec. 36B premium assistance tax credit; and another on same-sex marriage nationwide...

Friday, 26 June 2015

Trade Legislation Tax Provisions

Written by CCH Tax Briefings

Trade Package Includes Individual and Business Tax Provisions Just before recessing for the Independence Day holiday, Congress passed two trade bills with important tax changes affecting individuals and businesses. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (HR 2146) and the Trade Preferences Extension Act of 2015 (HR 1295) are expected to be signed into law by President Obama as soon as they reach the White House. A third trade bill, the Trade Facilitation and Enforcement Act of 2015 (HR 644) is going to a House-Senate conference to iron-out differences. IMPACT...

Monday, 20 April 2015

2015 Post-Filing Season Update

Written by CCH Tax Briefings

Filing Season Developments Preview Tax Changes Ahead The 2015 return filing season began with some ominous predictions of slowdowns in return processing, delayed refunds and poor customer service because of cuts to the IRS's budget. Further complicating the filing season were new reporting requirements under the Patient Protection and Affordable Care Act, complex new "repair regs," year-end tax legislation in 2014, and much more. While the IRS's customer service did experience a significant decline in performance, return processing and the issuance of refunds appeared to be on par with previous years. The IRS, along with other federal agencies, issued a steady stream of outreach on the Affordable Care Act...

The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task. Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a real taxpayer’s name and/or Social Security number...

Tuesday, 24 February 2015

3 Reasons Why You Should Direct Deposit Your Refund

Written by IRS

The IRS estimates that 84 million taxpayers chose direct deposit to receive their refunds last year. Though you still have the option to receive a check, there are several good reasons why direct deposit is your best option: You'll get your refund faster. By electronically filing your taxes and choosing direct deposit, you'll get the fastest turnaround on your tax refund. It's more secure...

In a Notice, IRS has provided employers with additional time to obtain the certification necessary to claim the work opportunity tax credit (WOTC), which was retroactively extended by the Tax Increase Prevention Act of 2014 (TIPA, P.L. 113-295, 12/19/ 2014) to cover eligible employees who begin work before Jan. 1, 2015...

Thursday, 19 February 2015

IRS warns tax preparers to watch out for new phishing scam

Written by Rehmann Team

The Internal Revenue Service (IRS) warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes. “Unfortunately, IRS scams and identity theft attempts are a continual problem,” said Mike Robbins, Rehmann principal. “Tax preparers and tax payers alike need to be vigilant and informed to avoid becoming a victim.” Specifically, the bogus email asks tax professionals to update their IRS e-services portal information and Electronic Filing Identification Numbers (EFINs)...

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